A&D - Marathon completes 10th country exit since 2013 - June 2019Marathon Oil completed the sale of its 15% WI in the Atrush block in Iraqi Kurdistan
to Vancouver-based ShaMaran Petroleum Corp., taking the latter’s stake to 27.6%. The
deal is Marathon’s tenth country exit since 2013 as it sharpens focus on its key US onshore
assets in the STACK/SCOOP, Bakken, Permian and Eagle Ford, and most
recently follows the sale of its UK North Sea business to RockRose Energy.
Marathon’s Q1 net production from Atrush averaged 2,400 boe/d
(32,000 boe/d gross)....
Jun 05, 2019
CS - People & Companies - May 29, 2019Advantage Oil & Gas LTD named
Jill T. Angevine, Stephen E. Balog,
Grant B. Fagerheim, Paul G. Haggis,
Andy J. Mah and Ronald A. McIntosh
as directors. McIntosh has been
chairman of Advantage since February
2014. Previously, he served as CEO
and president of Navigo Energy Inc.
Mah has been the CEO of Advantage
since January 2009 and president
since April 2011. Catherine Best, Murray Edwards,
Timothy Faithfull, Christopher Fong,
Gordon Giffin, Wilfred Gobert, Steve
Laut, Tim McKay,...
May 29, 2019
ID - ShaMaran announces new plan to boost assets in Atrush - April 2019ShaMaran Petroleum Corp. will attempt for the third time in less than a year to boost
its stake in the Atrush production sharing contract in the Kurdistan region of Iraq. The
latest effort may succeed as it has tentative approval from the operator and the Kurdistan
Regional Government.
The company announced
plans in June to boost its stake
in Atrush from 20.1% to 35% by acquiring an additional 15% WI from Marathon Oil,
which is exiting the region to focus on the US. ShaMaran offered $60...
Apr 17, 2019
CS - ShaMaran announces new plan to boost assets in Atrush - April 2019ShaMaran Petroleum Corp. will attempt for the third time in less than a year to
boost its stake in the Atrush production sharing contract in the Kurdistan region of Iraq.
The latest effort may succeed as it has tentative approval from the operator and the
Kurdistan Regional Government.
The company announced plans in June to boost its stake in Atrush from 20%
to 35% by acquiring an additional 15% WI from Marathon Oil, which is exiting the
region to focus on the US. ShaMaran offered $60...
Apr 16, 2019
CS - People & Companies - January 02, 2019Birchcliff Energy named Stacey
McDonald as a director, effective Dec. 14.
Previously, she was managing director
of institutional energy research at GMP
FirstEnergy. She was named to the
company’s audit, compensation and
nominating committees. McDonald’s
appointment to the board was announced
as Rebecca Morley resigned as a
director. Morley accepted a position with
McKinsey & Company. Blue Sky Energy Inc. named Kenny
Choi as its corporate secretary, replacing
Neil Said, who held...
Jan 02, 2019
ShaMaran seeks to buy Marathon's stake in Atrush PSCShaMarans Petroleum Corp.’s plans to expand in Kurdistan were put on hold after
the operator of the Atrush production sharing contract declined to approve the deal, a
delay which may cost the company $50 million in accrued interest. ShaMaran announced
plans in June to buy an additional 15% of the Atrush production sharing contract in the
Kurdistan region of Iraq for $60 million from Marathon Oil, which is exiting the
region to focus on the US.
The deal would have
expanded ShaMaran’s...
Dec 04, 2018
ShaMaran seeking $50MM interest payment waiverA broken deal to enlarge ShaMaran Petroleum Corp.’s presence in Kurdistan has resulted in the company asking bondholders for a waiver on $50 million in interest payments. ShaMaran’s $240 million issue of five-year, 12% bonds in July came with a covenant requiring the company to pay said amount in interest if its deal to buy a further 15% stake in the Atrush project from Marathon Oil did not materialize. Though the deal was approved by the Kurdistan Regional Government, which owns 25% of...
Nov 29, 2018
ShaMaran refinances $240MM, will increase Atrush stakeShaMaran Petroleum Corp. issued $240 million in 12% bonds due 2023 to refinance old debt held by its subsidiary, General Exploration Partners, and to expand its assets in the Kurdistan region of IRAQ. Proceeds will be used to repay $117 million in existing debt, plus a call premium and accrued interest, scheduled to mature in November.Holders of the existing senior bonds were given the option to roll their bonds over to the newly issued bonds at 101.25 of par value plus accrued...
Jul 06, 2018
Energy firms update 2018 capex plans as issues slowCanada’s upstream capital markets trickled to a near halt over the last news cycle as the summer doldrums appears to have overtaken the capital markets. Multiple companies updated 2018 capital expenditure plans in response to changing market conditions, asset sales or debt issues. Paramount Resources will fund part of its 2018 capex plan from proceeds received from assets it sold to Strath Resources (PG 1). Nexen Energy will invest $400 million in Canada’s heavy oil sands (PG 8)....
Jun 28, 2018
ShaMaran issues US$240MM in notes to repay old debtVancouver-based ShaMaran Petroleum Corp. issued US$240 million in 12% bonds to refinance old debt held by its subsidiary, General Exploration Partners, and to expand its assets in the Kurdistan region of IRAQ. The five-year bonds will be used to repay US$117 million in existing debt, plus a call premium and accrued interest, scheduled to mature in November. Holders of the existing senior bonds were given the option to roll their bonds over to the new bonds at 101.25% of par value plus...
Jun 28, 2018
ShaMaran to refinance $192 million in debtShaMaran Petroleum Corp. plans
to issue US$240 million in bonds to
refinance old debt and to expand its assets
in Iraqi Kurdistan. The five-year
bonds will be used to repay
$192 million in existing debt,
includeing a call premium and
accrued interest maturing in November.
Holders of $166 million of the
existing senior bonds will have the option
to roll them over to the new bonds at
101.25 plus accrued interest. Bondholders
not rolling into the new debt will be
called at 100.75....
Jun 15, 2018
ShaMaran boosts ownership in Kurdistan field for $78MMVancouver-based ShaMaran Petroleum Corp. is acquiring an additional 15% WI
in the Atrush PSC in the Kurdistan region of Iraqi for $78.1 million (US$60 million)
from U.S.-based Marathon Oil, the latter selling its entire stake in the asset through
the deal as it focuses on U.S. resource plays. Pro forma Atrush ownership consists of
Abu Dhabi’s state-owned energy and water company TAQA Atrush with an operated
39.9% WI, ShaMaran with 35.1% and the Kurdistan Regional Government
with the remaining...
Jun 12, 2018
KRG catching up, pays out over $100MM for January salesIRAQ’s Kurdistan Regional Government has been keeping up with payments to oil companies that produce from three different oil blocks within the region, according to the companies themselves. The struggling region had fallen behind in payments over the past few years but has done it best to catch up on its dues to the number of smaller oil companies that have flocked to the region and create revenue for the autonomous part of Iraq. The KRG has had to cope with financial crises, the central...
May 03, 2018
Atrush license gets $7.7MM payment for oil deliveriesThe Kurdistan Regional
Government has paid $7.7 million to
TAQA Atrush, the operator of the Atrush
license, for oil deliveries from the field
in October and September. The regional
government will deduct fees for first oil
bonus and certain security costs at the
field from the payments for oil delivered
in November and December. TAQA holds
a 39.9% stake while its partners include
Vancouver-based ShaMaran Petroleum
Corp., 20.1%, Marathon Oil, 15%, and
the Kurdistan Regional Government,...
Feb 02, 2018
People & Companies - December 13, 2017Athabasca Oil announced that
Henry Sykes will step down from the
board as a result of a conflict that arose
due to his position on a board
of a publicly traded company
that recently combined with
another public company. Athabasca has
hired a global recruiting firm to find
his replacement. Bonavista Energy has appointed
Theresa Jang and David Carey to its
board. Jang most recently served as
CFO of Veresen. Carey
retired from his role
as Senior VP, Capital Markets for ARC
Resources...
Dec 13, 2017